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AMAT

Applied Materials, Inc.Close $426.85EOD only

Max Pain

$422.50

Next expiry May 22, 2026

Expected Move

±$19.25

4.5% from close

Price Gap

-4.35

Distance to max pain

IV Rank

Low premium

P/C OI

1.00

Balanced positioning

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects AMAT options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

AMAT Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

4 / 10

base 5; -1 for mixed flow (P/C 1.26 vs bullish prem); -0.5 for spot below max pain; +0.5 for GEX pinning support

Watch next session: $360P 4/2 flow for near-term direction; Spot reaction near $337.50 (large call premium strike)

Flow Summary

Net premium: +$30.9M bullish

P/C volume ratio: 1.26 — put-dominant volume

P/C OI ratio: 0.96 — nearly balanced positioning

A significant contradiction: net premium is strongly bullish, but volume flow is put-dominant. This suggests large, concentrated bullish bets are being offset by more frequent, smaller bearish or hedging activity. The overall regime is mixed with a pinning GEX.

Notable Prints

AMAT 4/2 $360 Put

Vol: 1,091

OI: 140

Vol/OI: 7.8x

IV: 50.2%

Notional: ~$39.3M (1091 * 100 * $360)

Intent: Directional bearish bet or protective hedge

Dual read: Bought (bearish) or sold (bullish cash-secured put)

Read-through: This is the most significant single flow. A $360 strike is well above spot ($341.79), suggesting a trader is either hedging a long position against a sharp drop or making a high-conviction bet on a decline before Friday. The 7.8x OI turnover and 50% IV (below the 65% average) lean toward a directional purchase.

AMAT 4/10 $395 Call

Vol: 309

OI: 104

Vol/OI: 3.0x

IV: 48.7%

Notional: ~$12.2M (309 * 100 * $395)

Intent: Long-dated, OTM call buying (bullish)

Dual read: Bought (bullish) or sold covered call

Read-through: Part of a cluster of bullish premium flow in deep OTM calls ($270, $85, $130). This $395 call, 15.6% OTM, is a low-delta, high-leverage bet on a significant rally over the next 10 days. The sub-50% IV suggests it was bought, not sold.

AMAT 4/2 $185 Put

Vol: 366

OI: 188

Vol/OI: 1.9x

IV: 262.5%

Notional: ~$6.8M (366 * 100 * $185)

Intent: Extreme OTM put purchase (tail risk hedge)

Dual read: Almost certainly a purchase given 262% IV; selling would be irrational.

Read-through: A pure insurance play. This is a bet on a catastrophic drop (~46% decline) by Friday. The enormous IV confirms this was an expensive premium paid for protection, not a sale. This is a clear, albeit small, hedge signal.

AMAT 4/17 $337.50 Call

Vol: 390

OI: 232

Vol/OI: 1.7x

IV: 63.7%

Notional: ~$13.2M (390 * 100 * $337.50)

Intent: Near-ATM call flow (directional or roll)

Dual read: Bought (bullish) or sold (neutral/covered call)

Read-through: This strike aligns with the #4 top premium flow strike ($1.3M net bullish). Activity here at a strike slightly below spot suggests traders are positioning for a bounce. The IV near the average makes intent ambiguous, but the net premium context leans bullish.

Institutional Positioning

Call additions: Deep OTM calls ($270, $85, $130, $395) show large net premium inflow, suggesting leveraged bullish bets or call spreads.

Put additions: Significant OI clusters at $300 (3,112) and $250 (3,034) puts act as major downside magnets/walls. The $360P 4/2 print is a new, large bearish position.

GEX/DEX consistency: Partially. Positive GEX (+$3.3M) suggests pinning support, which aligns with the heavy OTM call buying (dealers are long gamma from those calls). However, the put-dominant volume flow contradicts the pure GEX signal.

OI clusters: Upside: $490C (5,979), $430C (5,190) — distant call walls. Downside: $300P (3,112), $250P (3,034) — major support levels. Spot is currently between the $300 put wall and the $352 max pain.

Hedging evidence: Yes. The $185P 4/2 (tail hedge) and the large $360P 4/2 are clear hedging signals. The put-heavy volume ratio (1.26) further suggests defensive activity.

Max pain context: Spot ($341.79) is 3% below the nearest expiration max pain ($352.50). The overall MP trend is falling ($352 → $310), indicating longer-dated positioning is shifting bearish, pulling spot lower.

Signal vs Noise

~The massive net premium in deep OTM calls ($270, $85, $130) is likely part of bullish call spreads or far-dated speculative bets, not immediate directional signals for spot.

~High OI at $490C and $430C are likely legacy positions from much lower price levels, not fresh bullish bets.

~Some of the put volume (P/C 1.26) could be dealers hedging the long gamma from the OTM call purchases, not outright bearish bets.

Key Conclusions

⚠️Flow is conflicted: bullish premium vs. bearish volume. This indicates large, concentrated bullish bets are being met with widespread hedging/selling.

📌Positive GEX and pinning regime suggest mean-reverting forces near current levels, with $300 as a major put support wall.

🛡️Clear hedging evidence: large $360P purchase and extreme OTM $185P tail-risk hedge indicate institutional defense is being raised.

🎯Watch $352.50 (max pain) and $300 (put OI wall) as key near-term magnetic levels.

How to Use These Reports

This flow reflects the market close on March 31, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.